Sources: Uber weighs a higher bid after it approached a major Delivery Hero shareholder with a €38-per-share bid, valuing the group at €11.5B+, but was rebuffed
San Francisco based-group approached major shareholder in German food group — Uber's board met on Saturday …
Context & Ripple Effects
Uber had already built a minority position in Delivery Hero through a purchase from Prosus, then Delivery Hero disclosed a €33-per-share takeover approach. The reported €38 proposal to a major shareholder indicates that the initial approach had not secured sufficient support.
Later related coverage describes negotiations advancing toward roughly €40 per share, while the relationship data records an eventual €41.50-per-share agreement. This report is therefore an early marker of the price-discovery process rather than an isolated expression of interest.
First-order effects
- Delivery Hero’s major shareholders gain leverage: Uber must either improve its terms or risk failing to assemble support for a transaction.
- Uber’s existing minority stake becomes strategically more consequential, giving it an established position while it pursues control but not eliminating the need to win broader shareholder backing.
Second-order effects
- A higher potential price resets expectations for Delivery Hero’s remaining investors and makes the public offer price the central negotiating variable in any deal process.
- Prosus’ role as the seller of Uber’s earlier stake becomes more important because its holding and transaction history place it near the center of the ownership and valuation discussion.
Third-order effects
- If completed, the process would further concentrate food-delivery ownership around larger, multi-service platforms that can use an existing mobility customer base and balance sheet to pursue scale.
- The sequence shows that minority investments can function as a route into full acquisitions, though the ultimate premium remains dependent on shareholder resistance and deal approval rather than the initial bid.
The trend: Food-delivery consolidation is increasingly being driven by platform operators using minority stakes and escalating bids to obtain scale in markets where standalone assets attract strategic buyers.